In wake of unsatisfactory oilseed production this year, India’s yearly edible oil import bill is estimated to reach around Rs 650 billion fuelled by import of 15 million tonnes of cooking oil, according to a survey by industry body Soybean Processors Association (SOPA).
Latest survey by SOPA estimates India's Soybean output at 8.35 million tonnes for the harvesting season 2017-18, about 24% lower than 10.9 million tonnes reported in the previous year.
Sown with the onset of the monsoon, Soybean is a kharif crop that contributes to nearly a third of India's overall oilseeds' output and sets the trend for other seeds such as Groundnut and Sesame in the summer sowing season, and Rapeseed and Mustard in winter.
SOPA earlier had estimated India's Soybean output at 9.15 million tonnes in its first survey in October. In contrast, the Union Ministry of Agriculture has pegged India's total Soybean output at 12.22 million tonnes in its first advanced estimate for the season 2017-18, down from 13.79 million tonnes in its fourth advanced estimate for 2016-17.